Man allegedly cheated customers of $348,000 with bogus fixed deposit products
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Investigations showed that the man had allegedly deceived four victims to transfer a total sum of $348,000 to his personal bank accounts.
PHOTO ILLUSTRATION: ST FILE
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SINGAPORE – A 27-year-old man will be charged on Sept 5 with allegedly cheating his customers of $348,000 by promoting fictitious fixed deposit products with high interest rates.
The police said on Sept 4 that they received a report from a local bank in June 2023 about the alleged misdeeds of the wealth planning manager. They did not name the bank.
Investigations showed that between March 7, 2022, and March 1, 2023, the man allegedly deceived four victims – aged between 46 and 68 – into transferring the total sum of money into his personal bank accounts.
This was under the pretext that the money would be put in fixed deposit products during a promotion that he claimed would earn them a high interest rate, said the police.
He also tried to cheat two other customers, but they declined the offer.
The man will be charged with four counts of cheating and two counts of attempted cheating.
Those found guilty of cheating face up to 10 years in jail and a fine.
“The police take a serious stance against any person who may be involved in offering fictitious financial products,” said the police.
They advise members of the public against acceding to such requests or instructions, especially when the promised returns are too good to be true.
